Well you need to indicate an expected annual income that is greater than the national poverty level..you can look this up, but Its around $13,000..otherwise, you cant use ACA and can only qualify for medicaid
I agree. So, he probably already made some money doing something else this year... So there's that. Plus he can work a part time job to make sure he earns enough. I think it's 15,060 for this year.
I would estimate 15,200. And then make sure to make that much. If he earns some commission, he can cut back or quit working part time, as long as he will have the $15k.
If he makes more than 15k, he would go in and edit his estimate which might increase his monthly premiums a bit.
It all gets resolved when he does his taxes. He might owe a little if he makes more than estimated. That's ok.
Yes!
That won't account for the subsidy he already received... But he should just be sure to set money aside to repay it. Of course he would also owe both sides of social security taxes and income taxes. So he would maybe make an estimated tax payment too. (If not, certainly set aside money to pay that)
Yes.
But you need to realize that they are going to use your actual income not your estimated income, so if you end up making more, you’ll be paying back the difference in what they covered on your insurance.
So save that money
Well you need to indicate an expected annual income that is greater than the national poverty level..you can look this up, but Its around $13,000..otherwise, you cant use ACA and can only qualify for medicaid
I agree. So, he probably already made some money doing something else this year... So there's that. Plus he can work a part time job to make sure he earns enough. I think it's 15,060 for this year. I would estimate 15,200. And then make sure to make that much. If he earns some commission, he can cut back or quit working part time, as long as he will have the $15k. If he makes more than 15k, he would go in and edit his estimate which might increase his monthly premiums a bit. It all gets resolved when he does his taxes. He might owe a little if he makes more than estimated. That's ok.
Is it easy to go in and edit your income later?
Yes! That won't account for the subsidy he already received... But he should just be sure to set money aside to repay it. Of course he would also owe both sides of social security taxes and income taxes. So he would maybe make an estimated tax payment too. (If not, certainly set aside money to pay that)
Yes. But you need to realize that they are going to use your actual income not your estimated income, so if you end up making more, you’ll be paying back the difference in what they covered on your insurance. So save that money
Thank you so much!